The rise in popularity of online banking in the last several years had already precipitated a downward trend in branch banking and had forced financial institutions to start adjusting their networks. The disruption caused by the global COVID-19 crisis did not cause the trend but has certainly accelerated it. Though banks, building societies and credit…
Sustainable opportunities Clear progress has been made on the UN Global Compact’s Sustainable Development Goals (SDG), however, companies must do more. Only 21 percent of the CEOs in our 2019 UNGC Study said they felt business was making a critical contribution to the global goals. While the goals embody an enormous challenge that requires transformation…
In our last post, we looked at how central banks can harness the power of data. We move on now to the second pillar. Pillar 2: Enable and drive innovation A key role for central banks is to enable and promote a vibrant financial sector. In the digital age, that means helping to cultivate new…
The COVID-19 pandemic has affected every industry and banks certainly have not been spared. The situation for banks today is, however, very different than that which they faced in the 2008-09 financial crisis. Banks are generally stronger and better capitalized than they were then. And, rather than being a cause of the financial problems, banks…
We all know the industry is rapidly moving to digital. Evidence from our banking market research—and echoed by the current pandemic environment—suggests that we have indeed moved into a period of volatility and industry change, and that digital maturity is at least one of the factors that will separate future winners from losers. The question…
Prior to COVID-19, every bank operating in the UK and Ireland faced one overarching challenge: striking the right balance between growth, transformation and cost reduction. This challenge is no less critical now that it has been joined by another imperative: creating customer-centric resilience post-COVID. Effectively balancing growth, transformation and efficiency is difficult for both top-tier…
